Technological advancement coupled with increasing demand for point of care diagnostics and therapeutics is expected to drive the growth of healthcare information system over the forecast period. Furthermore, key advantages associated with healthcare information system is that critical patient data is stored on a cloud or a remote server which can be seen and analyzed by a healthcare practitioner at any time on a smart phone, tablet or a personal computer from any location. Economic recession has forced a lot of healthcare establishments to reduce the cost of their operation by streamlining the entire process which is expected to positively reinforce the market. High capital investment associated with establishing healthcare information system infrastructure is a restraint for the market. However, benefits associated with healthcare information system such as remote access of the patient data and long term reduction in operational cost are expected to provide lucrative growth opportunities to the market.
Healthcare information system finds its applications in hospital, laboratories and pharmacies. Hospital information system emerged as the highest revenue contributing application area. Presence of large hospital chains and availability technological advanced infrastructure are critical success factors for the growth of the market. On the basis of components the market is segmented as software, hardware and services. Web-based technology, on-premise technology and cloud based are the source of deliveries included in the scope of study. Cloud based delivery is expected to grow at a lucrative CAGR over the estimated period of six years.
North America emerged as the largest regional market in healthcare information system. Presence of technological advanced healthcare and IT infrastructure coupled with economic development in the region are key factors attributing for its large share. However, Asia Pacific is expected to grow at a lucrative CAGR over the forecast period. Presence of unmet medical needs coupled with positive government initiatives pertaining to the improvement of healthcare infrastructure in the region are expected to positively reinforce Asia Pacific healthcare information system market.
Key players included in the scope of study include NextGen healthcare information systems Inc, Epic Systems Corporation, Merge healthcare Inc, Cerner corporation, Carestream health Inc, Siemens healthcare, Philips healthcare, GE healthcare and McKesson corporation.
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